External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>The process of commissioning of the steel plant has already started and hot metal production is likely to start in 1HFY23. We believe the demerger of the Nagarnar Iron and Steel Company (NISP) will be the key trigger for the stock.</li><li>Thereafter, the government is likely to call for bids from potential suitor, which should likely culminate into sale of the government's holding in the steel plant to the new owner.</li><li>.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

The process of commissioning of the steel plant has already started and hot metal production is likely to start in 1HFY23. We believe the demerger of the Nagarnar Iron and Steel Company (NISP) will be the key trigger for the stock.Thereafter, the government is likely to call for bids from potential suitor, which should likely culminate into sale of the government's holding in the steel plant to the new owner..Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Incorporated in 1958, NMDC is India's largest merchant iron ore miner.</li><li>During the quarter, NMDC reported iron ore sales volume of 9.8 MT, up 6% YoY &amp; 9% QoQ (in line with our estimate of 9.9 MT).</li><li>EBITDA/tonne came in at Rs 2654/tonne, higher than our estimate of Rs 2500/tonne</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Incorporated in 1958, NMDC is India's largest merchant iron ore miner.During the quarter, NMDC reported iron ore sales volume of 9.8 MT, up 6% YoY &amp; 9% QoQ (in line with our estimate of 9.9 MT).EBITDA/tonne came in at Rs 2654/tonne, higher than our estimate of Rs 2500/tonneContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>The review period for the NIFTY 100 Index ended on 31 Jan. The rebalance will be effective after the close on 30 March and the announcement will come end February.</li>
<li>Potential inclusions are <a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>, <a href="https://www.smartkarma.com/entities/mindtree-ltd" target="_blank" data-smartkarma-citation="entities:7297:1" rel="noopener">Mindtree Ltd (MTCL IN)</a>, <a href="https://www.smartkarma.com/entities/srf-ltd" target="_blank" data-smartkarma-citation="entities:3601:1" rel="noopener">SRF Ltd (SRF IN)</a>, <a href="https://www.smartkarma.com/entities/indian-railway-catering-and-tourism-corporation-limited" target="_blank" data-smartkarma-citation="entities:33951:1" rel="noopener">Indian Railway Catering and Tourism (IRCTC IN)</a> and <a href="https://www.smartkarma.com/entities/tata-power-co-ltd" target="_blank" data-smartkarma-citation="entities:15618:1" rel="noopener">Tata Power (TPWR IN)</a>. </li>
<li>Potential deletions are <a href="https://www.smartkarma.com/entities/yes-bank-ltd" target="_blank" data-smartkarma-citation="entities:767:1" rel="noopener">Yes Bank (YES IN)</a>, <a href="https://www.smartkarma.com/entities/indraprastha-gas-ltd" target="_blank" data-smartkarma-citation="entities:6969:1" rel="noopener">Indraprastha Gas (IGL IN)</a>, <a href="https://www.smartkarma.com/entities/jindal-steel-power-ltd" target="_blank" data-smartkarma-citation="entities:6614:1" rel="noopener">Jindal Steel &amp; Power (JSP IN)</a>, <a href="https://www.smartkarma.com/entities/aurobindo-pharma-ltd" target="_blank" data-smartkarma-citation="entities:19974:1" rel="noopener">Aurobindo Pharma (ARBP IN)</a> and <a href="https://www.smartkarma.com/entities/hindustan-petroleum-corp" target="_blank" data-smartkarma-citation="entities:19342:1" rel="noopener">Hindustan Petroleum (HPCL IN)</a>. </li>
</ul>


The review period for the NIFTY 100 Index ended on 31 Jan. The rebalance will be effective after the close on 30 March and the announcement will come end February.
Potential inclusions are Zomato (ZOMATO IN), Mindtree Ltd (MTCL IN), SRF Ltd (SRF IN), Indian Railway Catering and Tourism (IRCTC IN) and Tata Power (TPWR IN). 
Potential deletions are Yes Bank (YES IN), Indraprastha Gas (IGL IN), Jindal Steel &amp; Power (JSP IN), Aurobindo Pharma (ARBP IN) and Hindustan Petroleum (HPCL IN). 


NIFTY100/NIFTY NEXT50 Index Rebalance Preview: Five Potential Changes in March

<ul><li>Incorporated in 1958, NMDC is India's largest merchant iron ore miner.</li><li>During the quarter, NMDC reported iron ore sales volume of 9.0 million tonnes (MT), up 36% YoY but down 5% QoQ</li><li>We maintain our BUY rating on the stock. We value NMDC at Rs 175, based on SoTP valuation</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Incorporated in 1958, NMDC is India's largest merchant iron ore miner.During the quarter, NMDC reported iron ore sales volume of 9.0 million tonnes (MT), up 36% YoY but down 5% QoQWe maintain our BUY rating on the stock. We value NMDC at Rs 175, based on SoTP valuationContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>The Indian mutual fund industry has assets of almost INR 7.93 trillion (US$106.3bn) across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.</p><p>The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.</p><p>We are just past halfway through the review period for the second half of 2021. Using data to the close on 4 October, at the next recategorization in January 2022, we see 10 stocks moving from the mid cap segment to the large cap segment, 11 stocks moving from the large cap segment to the mid cap segment , 11 stocks are expected to move from the small cap segment to the mid cap segment, with16 stocks moving from the mid cap to the small cap segment. <a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> will be a part of the large cap universe, while 4 other newly listed stocks will be a part of the mid cap universe.</p><p>Historically, stocks moving to a higher market cap category have outperformed stocks that migrate to a lower market cap category over the back half of the review period. In some cases, the outperformance continues past the announcement of the changes as well. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.</p>

The Indian mutual fund industry has assets of almost INR 7.93 trillion (US$106.3bn) across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.We are just past halfway through the review period for the second half of 2021. Using data to the close on 4 October, at the next recategorization in January 2022, we see 10 stocks moving from the mid cap segment to the large cap segment, 11 stocks moving from the large cap segment to the mid cap segment , 11 stocks are expected to move from the small cap segment to the mid cap segment, with16 stocks moving from the mid cap to the small cap segment. Zomato (ZOMATO IN) will be a part of the large cap universe, while 4 other newly listed stocks will be a part of the mid cap universe.Historically, stocks moving to a higher market cap category have outperformed stocks that migrate to a lower market cap category over the back half of the review period. In some cases, the outperformance continues past the announcement of the changes as well. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.

India: Stock Reclassification & Active Portfolio Management (Dec 2021)

India

NMDC Limited explores for minerals. The Company is exploring for iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, and beach sands.

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Nmdc Ltd (NMDC IN)

Strong pricing and volumes augur well

The process of commissioning of the steel plant has already started and hot metal production is likely to start in 1HFY23. We believe the demerger...

Motilal Oswal

NMDC Ltd: Steady Operational Performance

During the quarter, NMDC reported iron ore sales volume of 9.8 MT, up 6% YoY & 9% QoQ (in line with our estimate of 9.9 MT). EBITDA/tonne came in...

ICICI Securities Limited

NIFTY100/NIFTY NEXT50 Index Rebalance Preview: Five Potential Changes in March

There could be 5 changes to the NIFTY100 Index at the March rebalance. Plus there will be 2 migrations between the NIFTY and NIFTY NEXT50 indices....

Brian Freitas

NMDC Ltd: Performs Well

During the quarter, NMDC reported iron ore sales volume of 9.0 million tonnes (MT), up 36% YoY but down 5% QoQ (in line with our estimate of 8.9...

ICICI Securities Limited

India: Stock Reclassification & Active Portfolio Management (Dec 2021)

Halfway through the review period, we take a look at stocks that could migrate across the large, mid and small cap segments. With over US$100bn of...

Brian Freitas

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